July 6, 2018 / 4:47 AM / 3 months ago

Varroc Engineering shares rise up to 6 percent on market debut

(Reuters) - Varroc Engineering Ltd’s shares rose as much as 6 percent in their market debut on Friday, after the auto parts manufacturer’s initial public offering raised 19.55 billion rupees ($283.58 million).

A rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files

The company’s shares were up 5.3 percent at 1,018 rupees as of 0433 GMT, compared with the IPO issue price of 967 rupees.

Varroc Engineering’s IPO was subscribed over three times on the last day of the sale late last month.

The company supplies automobile components to Bentley, Audi and Harley Davidson.

($1 = 68.9400 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu

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